Now,LIC Housing Fins teaser loan

Mortgage company LIC Housing Finance joined the teaser home loan bandwagon by introducing New Advantage 5,under which the interest rate would remain fixed for the first five years.

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Mortgage company LIC Housing Finance on Friday joined the teaser home loan bandwagon by introducing New Advantage 5,under which the interest rate would remain fixed for the first five years.

New Advantage 5 is offered at fixed interest rates for the first five years and thereafter at floating rates,LIC Housing Finance said in a statement.

The floating rates will be linked to the Prime Lending Rate prevailing at the time of the switch,it said.

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The scheme is available till December 31,with a condition that the first disbursement should be availed by the customer on or before January 15,2012,it added.

With the launch of the new product,LIC Housing Finance becomes the third lender to offer such home loan scheme.

Earlier this week,the countrys biggest housing finance company HDFC launched such product in the market.

ICICI Bank was the first to introduce a fixed home loan scheme last month,after State Bank of India discontinued with it in April.